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Marcus & Millichap announced the sale of University Community Medical Plaza, a two-story, 20,299-square foot office property on a 2.68-acre lot located in Tamarac.

The asset sold for $4,700,000.

Alex D. Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a private investor, was secured and represented by Zylberglait and Crocchiola.

“The Buyer will benefit from the stability of the tenancy and the upside in rents in this strong suburban market,” noted Zylberglait.

The property offers a unique opportunity for the investor to acquire an office building in a highly sought-after metro with ample parking backed by an established tenant roster consisting of medical professionals and specialists with generous lease terms and annual rent escalations.

University Community Medical Plaza is located at 7401 N University Dr. in Tamarac. The medical office building is adjacent to University Hospital and Medical Center; a large 317-bed medical facility awarded the Gold Seal of Approval™ from the Joint Commission. The Joint Commission is a leader in the accreditation and certification of health care organizations.

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Sunset Point ALF, LLC, an affiliate of Miami-based real estate development firm CIP Group, and LV Development, an affiliate of Miami-based Linkvest Capital, announced a joint venture to develop a 40,000-square-foot, 120-bed assisted living facility at 9985 Sunset Drive in an unincorporated area near Dadeland.

The partners acquired the vacant acre site for $3.7 million from Stupp Family Partnership Ltd. Closing took place on June 30.

Groundbreaking is slated for Q1 2022.

Sunset Point ALF, LLC is led by Genaro Garcia, Fernando Espino and Carlos Alonso. LV Development is led by Camilo Niño and Ricardo Uribe.

 

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A new medical college is being proposed for Horizon West.

Plans for a potential 136,194-square-foot facility on 25 acres on Avalon Road are set to go before Orange County’s technical review group on July 21. Palmetto-based Element Commercial Construction LLC is listed as the developer, while the property owner is Hamlin Partners at Silverleaf LLC, an entity tied to Hamlin developer Boyd Development Corp.

Hamlin Partners at Silverleaf LLC bought the 149-acre property — which includes the land for the college — on Feb. 15 as part of a $8.09 million purchase from Jen Florida 36 LLC.

The vacant land is near both Orlando Health Horizon West Hospital at 17000 Porter Road and a 155.2-acre piece of land owned by Valencia College that it plans to build a campus on eventually.

 

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The Ocala Regional Medical Center broke ground on a new $65 million expansion this week.

The new project will add a dedicated 36-bed neurological intensive care unit, five new cardiovascular procedure suites, and significant renovations of dining space and laboratory facilities.

Multiple Ocala and Marion County elected officials attended the ceremony, including Marion County Commissioner Kathy Bryant, Ocala Mayor Kent Guinn, and Florida House Representative Stan McClain, among others.

Ocala Health CEO Chad Christianson says this expansion will effectively tap out the existing space for construction on the Ocala Regional Medical Center campus.

The new project will add over 49,091 square feet of new space and renovate an additional 9,976 square feet of existing space.

With the additional 36 beds, the facility now boasts a total of 323 inpatient beds.

The organization hopes to have the new unit open by the third quarter of 2022.

 

Source:  Ocala News

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A specialty hospital and a medical office building – South Florida Spine & Orthopedic Institute – have been proposed west of Delray Beach on the 11.25-acre site at 14930 Smith Sundy Road, which is on the north side of Atlantic Avenue, a few blocks west of Lyons Road.

Medical Facilities LLC, a partnership of Irving, Texas-based Legent Health and 29 local physicians, has the agricultural site under contract from Delray Growers, owned by Melissa McKeown of Lighthouse Point and Christopher McKeown of Reston, Virginia.

The applicants want to rezone the site to allow for a 60,000-square-foot hospital building and a 60,000-square-foot medical office building. The hospital would have 24 beds. There would be 10 physician offices, outpatient treatment areas and 363 parking spaces.

According to the South Florida Spine & Orthopedic Institute, it would not be a traditional hospital with an emergency room. It would provide only spine and orthopedic surgeries, which are in high demand by Palm Beach County’s older population.

 

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While much has been made about COVID-19’s impact on everything from office to retail and hotels, there’s one property type that’s keenly feeling its effect: the health care sector.

Hospitals and medical facilities have fundamentally changed their operations since the pandemic ripped across the nation in early 2020. Sanitization and social-distancing needs became paramount; telemedicine went from fringe to mainstream; and the care of aging patients, especially in areas like Florida with large populations of senior citizens, came front and center. That’s shifting the design of new health care facilities, including projects like Miami’s Vertical Medical City Biscayne, which are trending towards mixed-use complexes that fuse health care with accessibility.

Developers are experimenting with models where patients don’t have to leave their neighborhoods to get the care they need. The trend is driven by the demand among South Florida’s many baby-boomer residents for community-based wellness centers that incorporate apartments, condos, medical-grade pharmacies and advanced medical services on the same campus.

Some developers are acquiring vacant 50,000- to 60,000-square-foot retail centers for conversion to mixed-use wellness centers.

Developer Tabitha Ponte’s Orlando-based company, Ponte Health Properties, is planning a mixed-use, health care city of the future for Miami’s downtown. Vertical Medical City Biscayne, a triple-tower, high-rise complex designed to provide comprehensive health care for people over the age of 60, will combine medical offices, outpatient surgery areas, a life science research component, and a residential component of up to 800 senior-living units that will offer both independent and memory care options. A small on-site hotel would provide short-term recovery from outpatient surgery outside of a hospital setting.

Ponte envisions a network of similar projects across the U.S., starting in Florida. The first project, in Orlando, is about to break ground. And Miami’s Vertical Medical City Biscayne, which was pushed back a bit by the pandemic, will follow next year.

When it comes to new construction, the key is more flexible design options that include adaptive reuse.

Location is also critical. By and large, hospitals and single-purpose properties are giving way to more outpatient centers and ambulatory service centers located within the neighborhoods they serve.

Interior design changes include finishing floors with porcelain or vinyl tiles, rather than carpets and selecting fabrics that don’t absorb moisture. Upgrading air filtration and exhaust systems is critical. The U.S. Environmental Protection Agency recommends that large commercial properties upgrade air filters to the highest efficiency possible that is compatible with the system and check the filter fit to minimize filter air bypass.

Renovations could also include electronic patient screening at the entrance to medical buildings and monitors that guide patients to individual waiting rooms, eliminating the need for person-to-person contact until the patient enters the doctor’s office, as well as touch-free innovations, such as doors that open and shut automatically, and lights that turn themselves on and off.

 

Source:  Commercial Observer

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A health group is buying five South Florida hospitals for $1.1 billion. Their new owner has strong regional ties.

Dallas-based Steward Health is purchasing North Shore Medical Center, Florida Medical Center, Coral Gables Hospital, Hialeah Hospital and Palmetto General Hospital from Tenet Healthcare Corp., which is also based in Dallas.

Steward, led by Cuban American and Floridian Dr. Ralph de la Torre, is among the largest physician-owned healthcare networks in the U.S., with more than 5,500 providers and 43,000 healthcare professionals. In addition to de la Torre, several of Steward’s senior leaders have close ties to South Florida. Dr. Octavio Diaz, Steward’s chief medical officer, previously practiced in South Florida and worked at several of the acquired facilities; while Rubén J. King-Shaw Jr., Steward’s Chief Strategy Officer, served as COO for Neighborhood Health Partnership before becoming Florida’s Secretary of the Agency for Health Care Administration under former Gov. Jeb Bush.

“As a Floridian with close family ties to the area, I am proud of Steward’s significant investment in the people of South Florida, whose tight-knit communities and vibrant diversity have always represented the very best of American culture,” de la Torre said in a statement.

Steward’s operations will be directed by Dr. Sanjay Shetty, president of Steward North America. The transaction is expected to close in the third quarter of this year.

Tenet’s ambulatory facilities, operated by United Surgical Partners International, will remain with Tenet and are not included in the transaction.

 

Source:  Miami Herald

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The Westside Medical Arts Building near Westside Regional Medical Center in Plantation sold for $15.5 million.

Westside Medical Center Development LLC, managed by Dhvanit Patel of Tampa-based Onicx, sold the 40,296-square-foot medical office building at 8251 W. Broward Blvd. to Westside MOB LLC, in care of Irvine, California-based Healthpeak Properties, an investor in medical office properties nationwide. The price equated to $385 per square foot.

The building sits on a 19,301-square-foot site leased from the owner of the hospital. The deed was for an assignment of the land lease, not the underlying land.

 

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Easton & Associates advised a publicly-traded healthcare real estate investment trust (REIT) on the acquisition of a 32,758-square-foot medical office building in Tallahassee.

The REIT paid $9 million cash for the asset in an off-market deal that closed June 2.  The seller was Realco, a family office based in West Viriginia.

The two-story building, located at 1803 Miccosukee Commons Dr., was built for Tallahassee Primary Care Associates (TPCA) which currently occupies the entire space on a long-term lease.   TPCA is one of the largest primary care medical practices in Northwest Florida, employing more than 50 practitioners across the Florida panhandle and parts of Georgia.

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Brooks Rehabilitation announced its purchase of 14 acres near the State Road 207-Interstate 95 interchange for a future facility.

According to a release from Brooks, the property was selected based on its strategic location and the significant growth occurring in St. Johns County.

Many health care organizations are expanding into St. Johns County or increasing operations there. The county has seen startling population growth in recent years, going from about 191,000 residents in 2010 to about 264,000 by 2019, according to the U.S. Census Bureau.

Baptist Health also owns land at that intersection but has not announced its specific plans for the property.

“Brooks has been a recognized leader in physical rehabilitation for more than 50 years. Purchasing this land is an investment in the long-term future expansion of our system of care,” said Doug Baer, president and CEO of Brooks Rehabilitation, in the release. “While we do not have immediate plans for its specific use, we want to position Brooks to meet the rehabilitation needs of this rapidly growing region.”

Brooks currently operates seven outpatient therapy clinics in St. Johns County with more than 40 throughout Florida.

 

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